Energy storage capacity for microgrids to increase to 15.2 GWh in 2024
The global capacity of energy storage systems for microgrids is to jump to 15,182 MWh by 2024 from only 817 MWh in 2014
The global capacity of energy storage systems for microgrids is to jump to 15,182 MWh by 2024 from only 817 MWh in 2014, Navigant Research says in a new market report.
Demand for energy storage for microgrids is being driven by rising diesel fuel prices, the addition of more and more renewable energy capacity and ancillary service market reforms. The roles of energy storage systems for microgrids include resource optimization for fuel, solar photovoltaic (PV) and wind power generation assets; easier resource integration for PV and wind; and improved stability and load management.
"The primary value proposition of energy storage in a microgrid is in improving the payback period of the system, either by enabling an increase in the penetration of renewable energy sources, allowing participation in deregulated ancillary service markets, or reducing diesel fuel consumption," explained Anissa Dehamna, senior research analyst with Navigant.
In terms of technology, microgrids are expected to become more complex and demanding so advanced batteries and even flywheels are to grab bigger market share at the expense of traditional lead-acid batteries, according to the report.